Kerala NMDFC Education Loan Scheme
Scholarship Amount
About This Scholarship
The Kerala NMDFC Education Loan Scheme offers financial assistance to eligible students from minority communities in Kerala. This scheme aims to support students pursuing job-oriented technical and professional courses both within India and abroad.
Candidates can receive funding of up to ₹20 lakh for studying in India and up to ₹30 lakh for pursuing education abroad. These loans are provided at nominal interest rates, making higher education more accessible.
The interest rates for the scheme vary based on gender and the specific credit line chosen:
• For Credit Line-1: A competitive interest rate of 3% will be applied for both male and female candidates.
• For Credit Line-2: The interest rate will be 8% for male candidates and 5% for female candidates.
Important Notes:
• A significant concession of 3% is extended to women beneficiaries under Credit Line 2, further promoting their educational pursuits.
• The scheme includes a moratorium period of 6 months after the completion of the course or getting a job, whichever is earlier, providing flexibility for repayment.
The deadline for this scheme is N/A, indicating an ongoing opportunity for eligible applicants.
Eligibility Criteria
The applicants are required to fulfill the following eligibility criteria to be considered for the loan:
• Applicants must be Indian citizens with a domicile in Kerala.
• Students must be between the age group of 16 to 32 years.
• Candidates must belong to religious minority communities residing in Kerala. This includes Muslims, Christians, Sikhs, Buddhists, and Parsis.
• Students must have successfully cleared their previous qualifying examination.
• Applicants must have secured admission in a job-oriented technical and professional course with a duration not exceeding 5 years.
• Students must fulfill the annual family income criteria specified below:
• For Credit Line-1: The annual family income must be less than ₹98,000 for rural areas and ₹1.2 lakh for urban areas.
• For Credit Line-2: The annual family income must be less than ₹8 lakh for both urban and rural areas.
Required Documents
Applicants are required to submit the following documents along with their application form:
• Self-attested Income Certificate.
• Self-attested Residence Proof. Acceptable documents include Aadhaar Card, Ration Card, Voter ID, Passport, Telephone Bill, or Electricity Bill.
• Self-attested Religious Certificate.
• Self-attested Marksheet of the previous year's examination.
• Two recent passport-sized photographs of the applicant.
• Two recent passport-sized photographs of the parents/co-obligant/guarantor.
Note: Students must submit a hard copy of all the required documents along with the filled application form to the State Channelising Agency (SCA).
How to Apply
The students can apply for the education loan by following the below-mentioned steps:
1. Visit the official website: Navigate to `http://nmdfc.org`.
2. Find Schemes For You: Scroll down the homepage and click on the 'Find Schemes For You' button.
3. Select Loan and State: Click on the 'Loan Type' option and select 'Education Loan'. Then, click on 'Select State/UT' and choose 'Kerala' from the available options.
4. Download Application Form: Scroll down further and locate the option labelled 'Download Loan Application Form'. Click on this to save the application form to your device.
5. Fill and Attach: After successfully downloading the application form, carefully fill in all the required details. Ensure all necessary supporting documents are gathered and attached as specified.
6. Submit Hard Copy: Create a combined file (hardcopy) of the fully filled application form along with all supporting documents. This package must then be submitted to the State Channelizing Agency (SCA), which is the Kerala State Minorities Development Finance Corporation (KSMDFC).